Sri Lanka ranks 5th among the 10 countries with highest food price inflation - World Bank

Tags: International News

Sri Lanka ranks 5th among the 10 countries with the highest food price inflation, according to the latest World Bank assessment.

IMPORTANT FACTS -

• According to the World Bank assessment, Lebanon, Zimbabwe, Venezuela and Turkey ranked first four countries, while Iran, Argentina, Suriname, Ethiopia and Moldova ranked behind Sri Lanka.

• The World Bank said record high food prices have triggered a global crisis that drives millions of people to extreme poverty, hunger and malnutrition.

• The Ukraine war, supply chain disruptions, and the COVID-19 pandemic have pushed food prices to an all-time high.

• Rising food prices have a greater impact on people in low- and middle-income countries.

• These countries spend a larger share of their income on food than people in high-income countries.

Domestic food price inflation at high worldwide :

• According to the data, almost all low and middle income countries have high inflation between April and July 2022.

• The World Bank says countries should lift trade restrictions or export bans on fertilizers.

• The use of fertilizers should be made more efficient by giving proper incentives to the farmers.

• Investing in innovation to develop best practices and new technologies can help increase production per kilogram of fertilizer.

ADDITIONAL INFORMATION -

Top 10 Countries hit hardest by Food Inflation :

1. Lebanon

2. Zimbabwe

3. Venezuela

4. Turkiye

5. Sri Lanka

6. Iran 

7. Argentina

8. Suriname

9. Ethiopia

10. Moldova